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How the car buying process has changed in 2023 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that pay us. This compensation could affect how and when products appear on this site, including, for example, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will affect the information we provide, or the reviews that appear on this website. We do not contain the universe of companies or financial offerings that could be accessible to you.



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5 min read published January 26, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He believes in the clarity of his reporting, which helps readers confidently find deals and make the best decisions for their financials. He is a specialist in auto and small business loans.









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Buying a car can be the second most expensive purchase most people make in their lives. Securing this high-ticket item was historically a difficult experience, involving a lot of stress and waiting at the dealership lot. However, with the change in normal that the pandemic has brought, many dealerships are now embracing this and making it easier to purchase experience. Car buying in 2023 is fraught with supply chain problems that keep costs at a high level. As consumers, it is important to use the shifting car buying process to your advantage. Consider the following ways that car buying may look different over the coming year for both the buyer and the seller. What should you expect when purchasing a car this year As we approach 2023, it's hard to avoid news of and an imminent recession. The economic outlook is based on a 64 percent likelihood of entering recession this year, as reported. While the probability of a recession may not be directly related to a buyer's experience on the car lot, the high cost of a car in the absence of a dealership could result in an additional annoyance when buying your next car. The month of December saw another record-breaking transaction price for new vehicles, $49,507, according to . However, the future isn't all doom and gloom dealers have already taken notice of the challenging macro-environmental trends. Bankrate spoke with Dave Thomas, director of content marketing and an automotive industry analyst at CDK Global, for insight on the upcoming trends for this year. Vehicle price remains paramount If you're in the market for a new car in the coming year, then you -like 47 percent of buyers according to the -- may use price as your main consideration. Although the commitment to time for buying a car is a factor for the remaining half of consumers surveyed the most significant factor is price. This year might be more of a rollercoaster for drivers Thomas says. Thomas. "For buyers, the main focus will be about those rates of interest and how to find the one that is within your budget" he explains. This "could make the process somewhat more challenging than it was before the fewer options." If you are shopping, make sure to consider you should consider a variety of financing options to make sure that you are getting the most favorable deal, even with higher costs and higher interest rates. Tips from Bankrate
If you are considering a purchase, think about the total of what you will have to pay -- more than just your monthly costs.


The inventory is low. When customers head out to a dealership they have an idea of the type of vehicle they are interested in buying. However, there are many drivers who have found showrooms empty of their dream vehicles. During CDK's six-month , "the number of shoppers finding the vehicle they are looking for available has not exceeded 50 percent," says Thomas. In addition inventory is lower compared to 2019. Although conditions are improving, supply remains below demand as per J.D. Power. The lack of inventory has also caused an increase in drivers skipping the dealership altogether. "Some brands are experiencing inventories return, but all are unique in how many cars are in stock," Thomas says. This "led to the increase in customers buying cars from the factory with the process being handled at dealerships." The options to purchase online will increase. The traditional car purchasing experience hasn't seen an overhaul in the last few years, and consumers are used to the lengthy procedure of purchasing a brand new or used vehicle from a dealership. This shift into the purchase of cars online isn't something that's completely new. Many local dealerships have online marketplaces for buyers to peruse options prior to visiting the showroom. However, the online shopping experience has become much more thorough in recent times. The time away that many motorists took from the car buying process because of the high cost also means that many need additional guidance when shopping. While online shopping is on the rise, Thomas explains that "76 percent of those we surveyed said they wanted to take their time to understand all of the options available," this is an increase from the 67 percent of 2021 according to the 2023 . If you're among the drivers that stuck to the sidelines over the past year due to steep prices you can take comfort in the flexibility of this market. Dealerships will remain in operation. the traditional dealer isn't expected to disappear anytime soon, but it has experienced shifts following the pandemic. A lot of drivers are making use of online shopping as well as when local dealerships are empty lots. Yet the majority of buyers did not go through the traditional process when buying a car in the past year, according to CDK's survey. More interestingly, nine percent of drivers that did complete the car purchase process completely online did not score the experience highly. With this in mind, it's best not to overlook the hands-on experience it offers. Many dealerships are providing an ideal mix of worlds approach with the option to go online first and then end in the store. Thomas explained this change. Many legacy automakers are "streamlining the process online and trying to make the change from making part of the transaction online an effortless experience in the showroom." Drivers benefit by being able to work the numbers from the comfort of home but still get behind-the-wheel experience before signing the paperwork. Four ways to make use of online car shopping to your advantage. Online car buying is still relatively new and takes some time to master. While some advice falls into the category of the traditional approach to car purchasing, think about these tips when skipping the showroom floor. 1. Research In person or not conducting research to discover is the first step in the car-buying process. Consider what factors matter to you most such as the dimensions of the car, fuel economy or even the design and color. Although you might not be able to tour your new vehicle in person, YouTube car tours are an excellent resource for seeing the features a car can offer. 2. Set a budget After you decide on the type of vehicle that you want, it is essential to know how much you're willing to spend and . Finding this number takes extra effort but is simpler without the pressure of a salesperson hounding you. Make the most of your time at in your home and think about all contributing factors like your income or salary, your fuel costs, insurance, and other vehicle expenses. 3. Check local inventory Another benefit of shopping for your car on the internet is the ability to check local inventory before visiting the store in person. It can be done in a few ways. Find the local dealers Search, for example "Toyotas that are sold close to me" or look up websites such as Edmunds and TrueCar. This research will also help in understanding the market price for your dream car. 4. Chat with salespeople online. Negotiation can be one of the most intimidating aspects of the car-buying experience however, when you're behind a computer screen it's much easier to haggle for the price you're entitled to. A majority of online marketplaces you will encounter will have a chat option. Use this as a space to ask the right questions. Focus on being firm, and share information you found in your research of local inventory to determine different price options. The bottom line is that the buying experience for cars has changed for both the dealer and the buyer over the past few years because of a mix of factorsincluding global pandemic and inflation problems, supply chain challenges and the rapid growth of technological. It is crucial to keep in mind that a change in the market is underway, and it is bringing greater transparency and accessibility to the buyer. Therefore, even though it's likely that car dealerships are going to disappear entirely, you should consider shopping online to potentially save both time and money.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the details of taking out loans to purchase the car they want.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of the clarity of his reporting, which helps readers successfully land deals and make the best decisions for their financials. He is a specialist in auto and small business loans.











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